Firm X needs to net $7,600,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $23 per share, and that firm X will receive $20.00 per share. Out-of-pocket costs are $300,000. How many shares must be sold to achieve the desired net to the issuing firm? (Round up your answer to nearest whole number.)

Multiple Choice

• 390,000

• 400,000

• 410,000

• 395,000